Innovation may give birth to a business, yet marketing is what keeps it thriving and underpins its growth. Some companies believe that marketing is a mere add-on or optional extra, which is something that will have to wait until later. Some business owners even perceive it as an investment that perhaps they can’t afford. The truth is, they could not be wrong.
But here’s the thing: building a business from scratch or launching a brand new product without establishing brand awareness, identifying your ideal customers, and effectively communicating with them is like trying to catch fish by throwing stones into the ocean. Let’s be plain and simple: it’s not going to work.
Therefore, even if your budget is tight, you want to make investing in marketing your top priority for your business. It is the pivotal activity that provides you with early feedback on your market, build reputation and brand awareness, and, most importantly, retains paying customers: the very lifeblood of your business. If you’re not investing in marketing today, you are already out of business. Here’s why:
Having no marketing plan in place means you’re being outranked!
A survey reveals that over half of the most effective marketers have laid out a marketing strategy in advance, while 40% of the least effective ones have no documented marketing strategy in place. Furthermore, not having a marketing plan causes you to be outranked by your competitors in search results. When you find your business being overshadowed by competitors in search engines, this can also mean that they are investing more of their marketing dollars into their SEO efforts.
Most businesses today have blogs linked to their websites. This indicates that marketing ought to be more of a focus. However, blogs aren’t the only factor that requires constant care and attention. You have an entire marketing plan to focus on, which lays out a roadmap for your content and helps you witness more tangible returns on your investments.
You have no active social media presence.
Tracking and analyzing data is a must!
Additionally, observing your business’s bounce rates and impressions is crucial since you may leverage this information to fortify your marketing efforts further. Otherwise, companies that aren’t already performing this are doing themselves an injustice. Without tracking and analyzing critical data, marketing becomes a shot in the dark, particularly in modern marketing. Don’t fall behind the pack, as your competitors might already be doing this!
Invest in nothing less than effective marketing
Once you have fully grasped the absolute necessity of investing in marketing, it’s essential to ensure you invest your money where it will be most effective and return-bearing. Unfortunately, due to limited marketing experience or expertise, some businesses often use scattergun marketing strategies that consume valuable time, resources, and budget while yielding poor results. A more efficient marketing approach is to create a focused system that will build brand awareness, reach prospects cost-efficiently, and allow you to grow your customer base rapidly.